Miller Corporation issued 7,000 shares of its $5 par value common stock in payments for attorney services billed at $70,000. Miller Corporation's stock has been actively trading at $10 per share. The journal entry for this transaction would include a credit to: A. Legal expenses for $70,000 B. Common stock for $70,000 C. Paid - in Capital in Excess of Par-Common for $70,000. D. Paid - in Capital in Excess of Par-Common for $35,000.

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A: Whenever the preferred stock shares are issued at premium i.e above their par value, the par value…

Q: The Sneed Corporation issues 10,900 shares of $49 par preferred stock for cash at $63 per share. The…

A: Share capital: It refers to the cap[ital raised by the company by issuing common stock or preferred…

Q: Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1…

A:

Q: On November 25, Astoria Corporation issued 60,000 shares of its $5 par value common stock for $10…

A: The market value per share indicates the current selling price of the share. The face value or the…

Q: Sheridan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 1,130…

A: On Feb. 1, upon purchasing shares of stocks from other company, you are creating asset through…

Q: Alma Corp. issues 960 shares of $9 par common stock at $18 per share. When the transaction is…

A: The journal keeps the record of transactions on regular basis. The shares issued at more than par…

Q: A corporation originally issued $6 par value common stock for $11 per share. It purchased the stock…

A: Treasury stock refers to a method used by the organization to repurchase the issued stock. It is…

Q: If Dakota Company issues 1,100 shares of $6 par common stock for $24,200, a.Cash will be debited…

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share…

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Q: During its first year of operations, Skysong Corporation had the following transactions pertaining…

A: Issuance of Common Stock -When the company issues shares to the ordinary shareholders, the amounts…

Q: 16) A corporation originally issued $15 par value common stock for $17 per share. Which of the…

A: The journal entries are prepared to record the transactions on a regular basis. The treasury stock…

Q: 7. Treasury stock that had been purchased for $5.600 last month was reissued this month for $8,500.…

A: When treasury stock is reissued, the accounting treatment depends on the relationship between the…

Q: Nexis Corp. issues 1,970 shares of $9 par value common stock at $17 per share. When the transaction…

A: The journal entry to record the issue of  shares as follows:

Q: Badger Corporation issued 9,000 shares of its $5 par value common stock in payment for attorney…

A: Paid-in Capital in Excess of Par = Attorney services  bill value - Par Value of Common stock.

Q: Nexis Corp. issues 2,870 shares of $8 par value common stock at $17 per share. When the transaction…

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Q: The following selected transactions pertain to Ehrlich Corporation: Jan.     3     Issued 90,000…

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Q: ABC Corporation presented the following information in its 2021 statement of financial position:…

A: Journal entry is the first step in recording financial transactions in the books of the company. It…

Q: On July 1, Blue Spruce Corporation purchases 460 shares of its $5 par value common stock for the…

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A: The journal entries are prepared to record the transactions on regular basis. The shares issued at…

Q: A company issued 60 shares.of $100 par value common stock for $7,100 cash. The journal entry to…

A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…

Q: Sneed Corporation issues 11,600 shares of $45 par preferred stock for cash at $67 per share. The…

A: Total par value of preferred stock issued = No. of shares issued x par value per share = 11,600…

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Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…

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Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

A: Total deividend received = No. of shares x Dividend per share = 6,000 shares x $0.42 per share =…

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Q: Celestial Inc. issued 8,000 shares of its P10 par ordinary shares to a CPA for 600 hrs. of…

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Q: Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at…

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Q: To expand operations, Aragon Consulting issued 1,550 shares of previously unissued common stock with…

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Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…

A: Common stock represents the ownership portion of the stockholder over the business and its resources…

Q: edit to Additional Paid in Capital $40,000. bit to Legal Expense $40,000. ebit to Legal Expense…

A: The journal entry for the transaction would debit legal expense and credit common stock and…

Q: Parker Corporation has issued 2,000 shares of common stock and 400 shares of preferred stock for a…

A: Journal entry is the first stage of the accounting process.Journal entry is used to record business…

Q: WW Corp. resells 400 shares of its own common stock for $20 per share. WW had acquired these shares…

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Q: If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account Common…

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Q: Lily Corporation issued 5,400 shares of stock. Prepare the entry for the issuance under the…

A: S.No.      Particulars.           Debit($)     Credit($) A).           Cash.…

Q: Pharoah Inc. issued 12900 shares of no-par common stock with a stated value of $5 per share. The…

A: A journal entry records a business transaction in the accounting system of a company. Journal…

Q: Alma Corp. issues 1,040 shares of $9 par common stock at $15 per share. When the transaction is…

A: When Common stock is issued at premium the additional amount received in Excess of Par is credited…

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31,…

A: Journal Entries are recording of transactions in company's books of account. It is the act of making…

Stockholder's Equity

The stockholders’ equity (often referred to as the book value of the company) is the number of assets available to the stockholder after its entire liabilities is paid off. The stockholders’ equity is also sometimes referred to as owner's equity. The stockholders’ equity or book value generally includes common stock, treasury stock retained earnings. It is an indicator of a company's financial strength and is an important item on the company's balance sheet.